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Exclusive: China 'Silk Road' project in Sri Lanka delayed as Beijing toughens stance

Reuters  |  COLOMBO 

By Shihar AneezCOLOMBO (Reuters) - China will delay a planned $1.1 billion investment in a port on its modern-day "Silk Road" until Sri Lanka clears legal and political obstacles to a related project, sources familiar with the talks said, piling more pressure on the island nation.Heavily indebted Sri Lanka needs the money, but payment for China's interests in Hambantota port could be delayed by several weeks or months, the sources added.After signing an agreement last December, state-run China Merchants Port Holdings had been expected to buy an 80 percent stake in the southern port before an ...

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First Published: Thu, February 16 2017. 04:54 IST
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